Investment Rating - The report maintains a "Buy" rating for the company [2][59]. Core Insights - The company is positioned as the market leader in the ADAS integrated machine market in China, with a projected hardware shipment exceeding 10 million units by 2025, driven by the "intelligent driving equality" trend [2][4]. - The J6E/M series has secured multiple model designations from major automotive brands, indicating strong short-term revenue growth potential [2][4]. - The HSD system, launched in April 2025, marks a significant advancement in high-level intelligent driving solutions, with initial deployment in Chery's models [2][4][29]. Summary by Sections 1. Core Business Progress - The company holds a 43.58% market share in the Chinese ADAS market for 2024, ranking first among domestic brands [11]. - The J6E/M series has been designated for over 310 models, with a delivery volume of 2.9 million units expected in 2024 and a cumulative total of 7.7 million units [11][12]. - The J6P and HSD system are set to begin mass production in Q3 2025, with significant performance improvements over previous generations [22][26]. 2. Capital Market Situation - Following the pre-IPO lock-up expiration, the stock price showed resilience, with only a slight decline on the day of the release [52][55]. - The company is expected to meet the conditions for inclusion in the Hong Kong Stock Connect, which will enhance liquidity [56][58]. 3. Revenue Growth Forecast - The company anticipates continued rapid revenue growth, with a clear growth logic in the short, medium, and long term [2][59]. - The introduction of the J6P is expected to drive an increase in average selling prices (ASP) for hardware due to its enhanced capabilities [22][26].

Core Insights - Black Sesame Intelligence (2533.HK) launched the "Safety Intelligent Base" solution at the 2025 Shanghai International Auto Show, focusing on safety in intelligent driving, utilizing the Wudang C1200 family of cross-domain integration chips to achieve ASIL-D safety standards [2] - The company announced a strategic partnership with Intel to jointly develop the "Cabin-Driving Integration Platform," which will integrate Intel's smart cockpit technology with Black Sesame's advanced driving algorithms, with a reference design expected in Q2 2025 [2] - Black Sesame's Wudang C1296 chip-based cabin-driving integration solution has entered mass production in collaboration with Dongfeng Motor and Junlian Zhixing, aiming for mass production by the end of 2025 [5] Industry Position - Black Sesame ranks third in the market share for traditional independent brand passenger car NOA integrated control computing solutions in China, with a 12.15% market share attributed to the A10000 chip's shipment volume [5] - The Wudang series chips and the Huashan series (including A1000/A2000 families) form a "dual-core drive" technology matrix that covers L2+ to L3+ intelligent driving needs [5] - The company aims to enhance its "technology innovation + open ecosystem" strategy, focusing on optimizing bandwidth performance and extending its technological capabilities from the automotive sector to robotics and edge computing [5]

Core Viewpoint - The article emphasizes that Horizon Robotics is not merely a chip company but aims to become a software company, focusing on integrated hardware-software systems for autonomous driving, particularly in urban environments [2][4][5]. Group 1: Company Background and Development - Horizon Robotics was founded in 2015, and its founder, Yu Kai, recognized the nearing end of the mobile internet boom, leading the company to focus on robotics chips instead of algorithms [7]. - The company faced significant challenges in 2019, including a reduction in workforce by one-third, but pivoted to focus solely on the automotive sector [7][8]. - Collaborations with major automotive manufacturers like Changan and Li Auto have been pivotal in establishing trust and achieving market penetration [8][10]. Group 2: Market Position and Achievements - Horizon Robotics has achieved over 8 million units of front-mounted production and has a market share of 33.97% in the L2 autonomous driving computing solutions market for domestic brands [13]. - The company claims that one in three smart vehicles is equipped with its technology, projecting rapid growth towards 10 million units [14]. Group 3: Future Vision and Strategy - Horizon Robotics aims to redefine the essence of smart driving, focusing on both functional and emotional value, similar to how smartphones evolved beyond basic communication [15]. - The company plans to transition from L2 to L3 and L5 autonomous driving capabilities, requiring significant computational power and extensive real-world data [18][21]. - The introduction of the Horizon Smart Driving (HSD) system, featuring the Journey 6P chip, is set to enhance urban autonomous driving capabilities and is expected to be launched in 2025 [24][28]. Group 4: Technological Approach and Innovation - The HSD system utilizes a one-piece end-to-end technology architecture, ensuring high performance and efficiency in data processing [24]. - Horizon Robotics emphasizes the importance of a robust software-hardware integration strategy, akin to successful models like Apple and NVIDIA, to maintain a competitive edge [23]. Group 5: Market Dynamics and Competitive Landscape - The article discusses the competitive landscape, highlighting that while other companies may have launched similar technologies earlier, Horizon Robotics prioritizes product quality over timing [30]. - The company is aware of the potential pitfalls of technological advancements leading to homogenization in the market and focuses on building a sustainable competitive advantage through consistent R&D efforts [20].

Group 1: Industry Insights - The drug regulatory authority has introduced a new data protection policy for drug trial data, granting 6 years of protection for innovative drugs and 3 years for improved and first-generic drugs [3] - The policy aims to accelerate the development of innovative drugs through faster approval processes and supportive pricing and reimbursement policies, particularly for differentiated innovative drugs [3] - The performance of major drug varieties is expected to accelerate, with significant growth anticipated for PD-1/IL-2 drugs by 2025 [3] Group 2: Automotive and Chip Industry - Local governments are promoting the implementation of L3 autonomous driving, particularly in cities like Beijing and Wuhan, supported by legal frameworks [4] - The cost of intelligent driving systems is significantly decreasing, with expectations that models priced above 150,000 yuan will standardize high-level intelligent driving systems [4] - Horizon Robotics, a leading domestic intelligent driving chip manufacturer, is expected to ship over 10 million units of its chips by 2025 [4] Group 3: Nuclear Fusion Industry - The nuclear fusion sector is attracting significant investment and participation from various companies, with strong government support for its development [5] - The U.S. is constructing the world's first commercial nuclear fusion power plant, with notable advancements in plasma confinement and fusion power output from international facilities [5] - The advantages of nuclear fusion power include stability and minimal greenhouse gas emissions, which are driving interest in the sector [5] Group 4: Chemical Industry - The demand structure for chromium salts is changing, with significant growth expected in the aerospace sector due to the material's properties [6] - Global gas turbine orders are projected to increase from 40 GW/year in 2023 to 80 GW/year by 2026, driving demand for chromium salts [6] - The chemical sector is anticipated to enter a restocking cycle as inventory levels are low and demand is expected to rebound [6]

地平线机器人-W系列 车中旭霞 智能驾驶芯片深度 《 智能驾驶芯片行业专题-智能驾驶进入快车道，地平线机器人-W和黑芝麻智能的投资价值分析 》——20250207 公司点评 《 地平线机器人-W（09660.HK）-2024年收入同比增长54%，智能平权时代征程6系列芯片加速放量》 ——20250328 《地平线机器人-W（09660.HK）-地平线征程6量产上车，共启全民智驾时代新篇》 ——20250309 核心观点 2024年公司实现营业收入23.8亿元，同比增长54% 2024年，地平线机器人-W实现总收入为23.8亿元，同比增长53.6%；净利润为23.5亿元，2023年为-67.39亿元，主要系 优先股及其他金融负债的公允价值变动收益46.77亿元影响（2023年为-47.6亿元）。2024年公司经调整经营亏损14.95 亿，相比2023年的16.87亿元有所收窄。 分业务来看， 2024年，汽车解决方案收入23.12亿元，同比增加57.2%，1）汽 车产品解决方案收入6.64亿元，同比增加31.2%，主要系公司全年交付量增加所推动；2）授权及服务业务收入16.58亿 元，同比增加70.9%，主要是 ...

Group 1 - The core focus of the article is on the advancements in AI computing capabilities for intelligent driving, emphasizing the shift from data-driven to knowledge-driven algorithms [2] - The founder and CEO of Black Sesame Technology, Shan Jizhang, highlighted that the year 2023 is seen as the year of large-scale mass production for intelligent driving, driven by end-to-end algorithms and high-performance AI chips [2] - A significant challenge identified is the bandwidth limitation following breakthroughs in computing power, with future advancements expected to focus on improving bandwidth [2] Group 2 - Black Sesame Technology has strategically developed foundational chips, including the A1000 chip launched in 2020 and the C1296 chip introduced in 2023, which is crucial for central computing in electronic and electrical architecture [3] - The company has upgraded its intelligent driving capabilities with the C1236 chip, based on 7nm technology, enabling comprehensive urban Navigation on Autopilot (NOA) functions [3] - The latest A2000 chip, which has been delivered to clients, represents a significant breakthrough in AI computing efficiency and supports data closed-loop and multi-chip high-speed interconnection [4]

评论 智能驾驶芯片深度 《 智能驾驶芯片行业专题-智能驾驶进入快车道，地平线机器人-W和黑芝麻智能的投资价值分析 》——20250207 公司点评 《地平线机器人-W（09660.HK）-地平线征程6量产上车，共启全民智驾时代新篇》 ——20250309 事项 公司公告： 根据地平线官微，地平线征程6系列全方位覆盖智能驾驶全阶应用，征程6系列共推出六个版本，包括征程 6B、征程6L、征程6E、征程6M、征程6H、征程6P，面向不同智能驾驶场景进行了计算方案的灵活配置，均能提供兼 顾性能与成本的最优解， 1）面向低阶智驾市场，征程6B以极致性价比重塑主动安全新体验，致力于打造业界最强性 价比主动安全一体机方案；2）面向中阶智驾市场，地平线推出普惠城区性价比方案最优解——征程6M，以及极致体 验高速NOA最优解——征程6E；3）面向高阶智驾市场，地平线推出了专为新一代全场景智能驾驶而生的征程6P，单 颗征程6旗舰可支持感知、规划决策、控制等全栈计算任务，将重新定义全场景NOA计算效率。 截止2025年1月，地平 线征程家族车载智能计算方案累计已出货超700万套。征程6系列已获超20家车企及品牌的平台化定点，自20 ...

黑芝麻智能系列 车中旭霞 智能驾驶芯片深度 《智能驾驶芯片行业专题-智能驾驶进入快车道，地平线机器人-W和黑芝麻智能的投资价值分析 》——20250207 公司点评 《黑芝麻智能（02533.HK）-黑芝麻智能预计2024年收入同比增长44%-60%，A1000芯片助力吉利千里浩瀚智驾系统》——20250310 事项 公司公告： 根据公司公告，2024年2月17日，黑芝麻智能发布2024年业绩预告，预计2024年实现收入约人民币4.5-5亿 元，同比增长约44%-60%，预计2024年实现权益持有人应占利润净额不低于人民币1亿元，而2023年亏损净额约为人 民币48.55亿元。 公司2024年业绩增长主要原因在于：1）自动驾驶产品及解决方案的收入增加，主要系(a)公司持续向 国内领先的汽车原始设备制造商OEM（包括BYD、东风及吉利等）和一级供应商出口芯片及解决方案等产品，且在量 产车型中的使用数量稳步增加；(b)公司产品线扩张及发展带来的商用车领域市场渗透率的提高；(c)随着相关政府政策 的发布，公司车路云一体化等领域的收入增加；及2)向投资者发行的金融工具的公允价值收益主要由于投资者持有的 附有优先权的股 ...

核心观点 智能驾驶芯片行业：千亿市场空间大赛道，国产芯片厂商崭露头角 技术进步+成本下降+消费者接受度高，智能驾驶行业渗透率加速提升，在ADAS功能进一步普及的推动下， 全球 ADAS SoC市场预计从2023年的275亿元增至2028年的925亿元，CAGR为27.5%。自动驾驶SoC供应商方面， 中国的 主要自动驾驶SoC市场参与者包括地平线、黑芝麻智能等；其他国家的主要自动驾驶SoC市场参与者包括英伟达、 Mobileye、高通、Texas Instruments（TI）及瑞萨。目前英伟达、高通、地平线、华为、黑芝麻等均推出了适配L3级及 以上高阶智能驾驶的芯片方案。 地平线机器人-W：自主智能驾驶解决方案龙头 地平线产品包括汽车解决方案（2023年营收占比95%，下同）和非车解决方案（5%）两部分，2023年，公司收入15.52 亿元，同比增长71%，净利润为-67.4亿元。 1）产品端， 汽车解决方案方面，地平线作为国内头部智能驾驶SoC芯片 厂商，征程系列芯片布局包括征程2、征程3、征程5、征程6，已完全覆盖L1-L4智能驾驶。 2）客户端， 依托完整成 熟的软硬件产品矩阵与智驾全栈技术，从IP开 ...